Cloud Based Payroll Software Market to grow at a CAGR of 10.3% to Reach US$ 17.39 Billion by 2027 Led by Ceridian HCM, Intuit, Oracle, Paychex, Paycom Software, The Sage Group, SAP SE, Xero

The global cloud based payroll software market valued at US$ 7.34 Bn in 2018 and is expected to grow at a CAGR of 10.3% during the forecast period 2019 – 2027, to account to US$ 17.39 Bn by 2027.

The global Cloud Based Payroll Software Market by organizational size was led by SMEs. Today, many accountants, payroll bureaus and small business owners manage payments to employees and suppliers. This process can be highly manual and involve insecure file transfers between different software solutions and systems. Accountants and payroll bureaus that manage this process on behalf of several clients and across multiple bank accounts find this manually intensive process time-consuming and error prone. Currently, SMEs are also opting for cloud-based solutions in order to bring efficiency to work, which is driving the global cloud based payroll software market.

The cloud-based payroll infrastructure is maintained and hosted by the third party server and the cost of implementation of cloud-based solutions is lower than that of the on-premise solutions. Further, the use of multiple platforms to manage different HR processes is impractical and time consuming. An edge that cloud-based payroll software have is their ability to offer just about any HR management need. Apart from payroll, these solutions also offer time and attendance along with HR and benefits administration competences all from a single platform. Such benefits are expected to fuel the cloud based payroll software market growth globally.

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Market Insights
Amalgamation of Artificial Intelligence (AI) in cloud-based payroll software is expected to be the trend in the coming years Customized integration solutions are changing the way businesses operate. Connecting the cloud-based payroll software application with the Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Content Management System (CMS) software would further enhance the operations of the businesses. The user of a more technologically advanced software would then have a visibility into the different aspects of the company’s accounts and therefore, prepare a more deeply entrenched financial strategy for the organization.

Company Profiles

Automatic Data Processing
Ceridian HCM
Intuit
Oracle
Paychex
Paycom Software
The Sage Group
SAP SE
Xero Ltd.
Zenefits

High Cloud Based Payroll Software growth opportunity in ASEAN market Several countries in the region have experienced the emergence of cloud infrastructure in Asia Pacific lately, which is anticipated to fuel the growth of cloud based payroll software market in Asia Pacific during the forecast period. Among the Asia Pacific countries, China contributed the maximum market share in 2018, owing to the presence of large number of industries with huge employee base per company.

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Industry Vertical Insights
The Cloud Based Payroll Software market is segmented based on Healthcare, Manufacturing, Telecom & IT, BFSI, Retail, Hospitality, Public Sector, and others. The healthcare industry is foreseen to create significant space in the cloud based payroll software market during the forecast period. With an objective to simplify the payroll management systems, several hospitals and pharmaceutical companies are procuring cloud based payroll software. The future of cloud based payroll software market is prominent owing to the significant rising number of hospitals and pharmaceutical companies in the developed countries as well as the developing countries.

Strategic Insights
Several well-established and tier2 companies are operating in cloud based payroll software market with local and multi-national geographic locations also contribute substantial market share year on year, by innovating robust technologies and solutions. Few of the recent developments are listed below:

2018: Paycom Software, Inc. announced expansion in Columbus with the opening of its new office. The new office would be led by the sales manager and the new office would feature additional personnel for client relations and implementation.

2018: Paychex announced acquisition of Lessor Group provider of payroll and human capital management (HCM) software solutions headquartered in Denmark. The acquisition is expected to provide client and revenue growth opportunities to the company.

2018: SAP SE unveiled updated and new features to the SAP Success Factors HCM Suite. These new and updated features will make it easier for HR leaders around the world to comply with privacy laws and data protection.

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Reason to Buy
– Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Cloud Based Payroll Software Market
– Highlights key business priorities in order to assist companies to realign their business strategies.
– The key findings and recommendations highlight crucial progressive industry trends in the Cloud Based Payroll Software Market, thereby allowing players to develop effective long term strategies.
– Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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